The deal, which will combine assets worth around $300 million, will yield a new company holding around 2.1 million square feet across 36 commercial properties situated throughout Canada.

“Unitholders of Nobel REIT will receive, for each trust unit of Nobel REIT held, 1.67 trust units of Edgefront REIT, or approximately 17,454,227 Edgefront Units in total,” the release stated. “All other holders of securities that are convertible into Nobel Units will receive equivalent securities of Edgefront REIT that will be convertible into Edgefront Units, or will be entitled to convert their convertible securities into Edgefront Units totalling up to an additional approximately 1,662,540 Edgefront Units, upon the same financial conditions.”

“The Arrangement is expected to occur on a tax-deferred rollover basis for Canadian residents,” the merging parties added.

“The merger with Nobel REIT is a very attractive opportunity for our unitholders. We see several synergies and cost saving areas between our two portfolios,” Edgefront president and CEO Kelly Hanczyk said.

“Furthermore, the addition of RFA Capital as another strategic unitholder and partner will assist the larger combined REIT in identifying high quality acquisition opportunities through their robust pipeline of real estate assets,” Hanczyk explained. We are confident that our unitholders will benefit from the value creation opportunities that will be realized through an expanded and more diversified asset base."

Nobel president and CEO Jean Teasdale welcomed the unification as a major step in providing high-quality services to more potential clients.

“This merger represents an opportunity to rebrand Nobel REIT and create a new diversified Canadian REIT with improved access to capital, a larger geographic footprint and a new strategic partner with TriWest. Edgefront REIT has a strong, diversified industrial real estate portfolio, with quality tenants and long-term leases in place,” Teasdale said. “We look forward to combining Edgefront with our commercial properties across Quebec.”